Performance objectives are benchmarks of effective ...

[Pages:24]Performance objectives are benchmarks of effective performance that describe the types of work activities students and affiliates will be involved in as trainee accountants. They also outline the values and attitudes trainees should demonstrate as they fulfil their practical experience requirements.

Trainees are required to achieve 13 performance objectives in total ? all nine Essentials performance objectives and any four Options performance objectives.

Performance objectives are divided into nine areas which are closely linked to the exam syllabus ? reinforcing that any knowledge developed through the exams process will have a clear application in the workplace.

Each trainee is required to plan with their workplace mentor which performance objectives they aim to achieve. This process will help both to identify which performance objectives the trainee can realistically achieve in their current role. Trainees should consider:

? their role ? they can complete a role profile using the trainee development matrix (TDM) which can be accessed through myACCA

? their responsibilities ? opportunities for gaining experience ? which exams they have passed or are currently studying.

As an employer or workplace mentor, you should encourage trainees to think about ways they can achieve performance objectives and provide opportunities for them to do this eg secondments or job rotations, project work, or learning and undertaking new responsibilities. These types of activities will help the trainee to meet ACCA's practical experience requirements and benefit the organisation in which they work.

Once the workplace mentor and the trainee have identified which performance objectives the trainee is going to achieve, the trainee will need to complete a period of work where they are gaining experience and developing their skills. The workplace mentor and the trainee will then need to review this experience. Using the trainee development matrix (TDM) trainees will need to answer a series of challenge questions that relate to the performance objective they are working towards achieving. Workplace mentors will need to review and sign-off the performance objective if the trainee has achieved it or alternatively, provide further guidance on what future activity needs to be completed.

The table opposite outlines the performance objectives. Detailed information to guide trainees on each performance objective is contained within this booklet.

Performance objectives

ESSENTIALS (all nine to be completed) Professionalism, ethics and governance 1 Demonstrate the application of professional ethics, values

and judgement 2 Contribute to the effective governance of an organisation 3 Raise awareness of non-financial risk Personal effectiveness 4 Manage self 5 Communicate effectively 6 Use information and communications technology Business management 7 Manage on-going activities in your area of responsibility 8 Improve departmental performance 9 Manage an assignment

optionS (four to be completed) Financial accounting and reporting 10 Prepare financial statements for external purposes 11 Interpret financial transactions and financial statements Performance measurement and management accounting 12 Prepare financial information for management 13 Contribute to budget planning and production 14 Monitor and control budgets Finance and financial management 15 Evaluate potential business/investment opportunities and

the required finance options 16 Manage cash using active cash management and treasury

systems Audit and assurance 17 Prepare for and collect evidence for audit 18 Evaluate and report on audit Taxation 19 Evaluate and compute taxes payable 20 Assist with tax planning

demonstrate the application of professional ethics, values and judgement

You must be fully aware of the ethics, values and standards that apply to you as a professional and make their application a consistent feature in all aspects of your work. This will include taking personal responsibility for your actions and regularly reflecting on your experiences to inform future actions and decision making. You must both act and be seen to act ethically and with the utmost integrity.

To perform effectively you need to: ? uphold (and be seen to uphold) professional ethics, values and standards ? behave with integrity and objectivity eg act independently and avoid any conflict of interest ? maintain professional competence, confidentiality and due care.

Achievement of this performance objective requires consistent performance over a period of time. Evidence of this may include validation from third parties, and may be demonstrated as part of carrying out other activities.

Examples of relevant activities include: ? keeping up to date with all codes of conduct and professional standards ? providing a description of how you have dealt with situations where your professional ethics, values or judgement were challenged ? discussing with others (eg your manager) how you would deal with situations which could arise in the future where your

professional ethics, values or judgement are challenged ? informing clients about the ethical standards that apply to professional activities ? monitoring compliance with relevant legislation, standards and regulations and raise any concerns with the appropriate person ? identifing the person or persons within your organisation responsible for providing ethical advice or managing compliance with

relevant legislation (eg money laundering legislation).

These examples illustrate how you might demonstrate this performance objective. They are not obligatory ? you may prefer to think of other ways that show how you perform effectively in this area.

Key knowledge and understanding: Professionalism, ethics and governance ? Demonstrating the application of professional values and judgement through an ethical framework that is in the best interests of

society and the profession, in adherence with relevant professional codes, laws and regulations. ? Understanding the fundamental principles contained within the ACCA's Code of Ethics and Conduct.

Linked exam paper Paper P1, Professional Accountant.

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Contribute to the effective governance of an organisation

You will contribute to the effective governance of an organisation by providing support and information which will enable the organisation to operate effectively. This includes promptly providing information requested by senior management and/or decision making bodies in your organisation. You must also ensure that the work carried out in your own area of responsibility is in line with your organisation's policies and procedures.

To perform effectively you need to: ? provide information, at the appropriate time, required by senior management to support decision making ? implement organisational policies and procedures in your area of responsibility ? ensure compliance with legal, regulatory and social requirements in your area of responsibility. Achievement of this performance objective requires consistent performance over a period of time. Evidence of this may include validation from third parties, and may be demonstrated as part of carrying out other activities. Examples of relevant activities includes: ? responding to requests for information from senior management and/or decision making bodies ? providing information on developments external to organisations eg economic, environmental or legislative ? helping to ensure that meetings in your organisation are well organised and effective. These examples illustrate how you might demonstrate this performance objective. They are not obligatory ? you may prefer to think of other ways that show how you perform effectively in this area. Key knowledge and understanding: Professionalism, ethics and governance ? Defining governance and explaining its function in the effective management and control of organisations and of the resources for

which management are accountable. ? Evaluating the professional accountant's role in internal control and review. Linked exam paper Paper P1, Professional Accountant.

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raise awareness of non-financial risk

In your work, you will take steps to identify any potential risks, including the probability of their occurrence and the likely consequences. Dealing with identified risks may include informing others of the risks identified and deciding how the risk will be managed. You must be risk aware, but at the same time not afraid to take decisions and undertake activities which involve levels of risk which have been assessed as acceptable.

To perform effectively you need to: ? evaluate activities in your area and identify potential risks, the nature of the risks, the probability of occurrence and consequence ? communicate information on identified risks to relevant people to enable decisions and actions to be taken in terms of accepting or

treating the risks ? maintain knowledge and understanding of legislative and regulatory requirements in your area of work ? consult with others when faced with complex risk issues to ensure that the right decision is made. Achievement of this performance objective requires consistent performance over a period of time. Evidence of this may include validation from third parties, and may be demonstrated as part of carrying out other activities. Examples of relevant activities include: ? performing, or contributing to, risk assessments eg risks to health and safety, risks to achievement of work objectives etc ? consulting with risk experts within your organisation ? conducting full and proper client acceptance procedures ? taking part in the development of a Business Continuity/IT Disaster Recovery plan. These examples illustrate how you might demonstrate this performance objective. They are not obligatory ? you may prefer to think of other ways that show how you perform effectively in this area. Key knowledge and understanding: Professionalism, ethics and governance ? Explaining the role of the professional accountant in identifying and assessing risk ? Assessing and evaluating the role of the professional accountant in controlling risk. Linked exam paper Paper P1, Professional Accountant.

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manage self

As a professional, you are required to demonstrate an attitude and behaviours appropriate to the workplace. This includes organising and prioritising your own workload and aiming to deliver work of high quality that meets agreed objectives. You will need to work effectively with other people from both your own, and other organisations. You must also be committed to your own learning and development, and take action to address your identified learning and development needs.

To perform effectively you need to: ? prioritise and plan your work to meet objectives, managing conflicting pressures and making best use of time and resources ? ensure the quality of your work always meets or exceeds agreed requirements ? develop and maintain effective working relationships, being supportive to colleagues where required ? actively develop your own skills and knowledge, acting on feedback where appropriate ? demonstrate a professional attitude, appropriate to the culture of the organisation in which you work. Achievement of this performance objective requires consistent performance over a period of time. Evidence of this may include validation from third parties, and may be demonstrated as part of carrying out other activities. Examples of relevant activities include: ? actively evaluate your own performance and participate in your organisation's appraisal process ? identifying your own development needs and regularly review your personal development plan ? working effectively and reliably to ensure that everything for which you are personally responsible is completed to a high standard ? working effectively as part of a team, providing support for others where appropriate ? working effectively on partnership/joint projects with workers in other organisations. These examples illustrate how you might demonstrate your performance. They are not obligatory ? you may prefer to think of other ways that show how you perform effectively in this area. Linked exam papers All examination syllabuses test a range of personal effectiveness skills, including skills required for managing self.

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communicate effectively

You will need to communicate clearly in order to work effectively with others. This includes communicating clearly with colleagues at all levels in your organisation and with people external to your own organisation. You must identify and minimise any barriers to effective communication and convey information in a way that others will understand. You may also need to check your own understanding of information provided by others.

To perform effectively you need to: ? ensure verbal communication is clear and coherent ? ensure written communication is clear, well structured and professional ? listen effectively to gather information and understand other viewpoints ? check that information you have provided is understood and sufficient. Achievement of this performance objective requires consistent performance over a period of time. Evidence of this may include validation from third parties, and may be demonstrated as part of carrying out other activities. Examples of relevant activities include: ? chairing or actively participate in meetings ? exchanging information with colleagues and/or clients to support the achievement of work objectives ? making effective use of e-mail ? compiling written reports for management or clients ? delivering formal presentations to management or clients ? exchanging ideas and information, within appropriate boundaries of confidentiality, to develop supportive networks with other

professionals. These examples illustrate how you might demonstrate your performance. They are not obligatory ? you may prefer to think of other ways that show how you perform effectively in this area. Linked exam papers All examination syllabuses test a range of personal effectiveness skills, including communications skills.

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